Caribbean to Spain: We’re open for business

Speaking to members of the Spanish business community, following the recent Fourth Spain-CARICOM Summit in Madrid, Minister of Industry, Investment and Commerce Karl Samuda recommended the region as an ideal investment destination, pointing out that the C

KINGSTON, Jamaica, July 17, 2008 – Jamaica has told Spain that the Caribbean is ready for a new round of investments.

Speaking to members of the Spanish business community, following the recent Fourth Spain-CARICOM Summit in Madrid, Minister of Industry, Investment and Commerce Karl Samuda recommended the region as an ideal investment destination, pointing out that the Caribbean was the "third border" of the USA and was therefore a good gateway to North America.

He also noted the other advantages of investing in the region as the presence of English speaking populations, the existence of stable democracies and regulated and trustworthy financial systems.

Mr Samuda, who met with several interested investors in a range of fields, including aviation, pharmaceuticals, agro-industry, tourism, telecommunications, waste-to-energy and education infrastructure, said the present Jamaican government was particularly business-friendly and was shaping its policies and practices to facilitate businesses and enable them to be profitable.

The Minister expressed appreciation for the major investments by Spanish companies in the Jamaican tourism sector and pointed out that stronger linkages with other sectors are now necessary.

He cited agriculture, agro-industry and information technology as three of the areas in which Jamaica was particularly well placed to benefit from new investments.

Mr Samuda also drew attention to alternative and renewable energy as attractive areas for the medium term, given the escalating price of oil and its impact on present energy costs.

In responding to concerns from the Spanish representatives about taxation and legal protection, the Minister pointed out that a double taxation agreement between Spain and Jamaica had been signed and that investment security was a feature of the entire Caribbean.